Vetr Inc. Lowers Tesla Inc. (TSLA) to Sell

Vetr downgraded shares of Tesla Inc. (NASDAQ:TSLA) from a hold rating to a sell rating in a research note published on Tuesday morning. They currently have $335.57 price target on the electric vehicle producer’s stock.

TSLA has been the topic of several other reports. Goldman Sachs Group, Inc. (The) reaffirmed a sell rating and set a $180.00 target price (down from $190.00) on shares of Tesla in a report on Monday, July 31st. Bank of America Corporation cut their target price on Tesla from $170.00 to $165.00 and set an underperform rating on the stock in a report on Wednesday, April 26th. Sanford C. Bernstein set a $265.00 target price on Tesla and gave the stock a neutral rating in a report on Thursday, July 27th. Morgan Stanley reaffirmed an overweight rating and set a $305.00 target price on shares of Tesla in a report on Wednesday, April 26th. Finally, Guggenheim lifted their target price on Tesla from $320.00 to $380.00 and gave the stock a buy rating in a report on Monday, May 15th. Eight equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and fifteen have issued a buy rating to the company’s stock. Tesla has a consensus rating of Hold and an average price target of $310.84.

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Tesla (NASDAQ:TSLA) opened at 347.46 on Tuesday. Tesla has a 1-year low of $178.19 and a 1-year high of $386.99. The firm’s market cap is $57.99 billion. The firm has a 50-day moving average price of $339.22 and a 200-day moving average price of $310.81.

Tesla (NASDAQ:TSLA) last released its quarterly earnings data on Wednesday, August 2nd. The electric vehicle producer reported ($1.33) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($2.00) by $0.67. The company had revenue of $2.79 billion for the quarter, compared to the consensus estimate of $2.50 billion. Tesla had a negative return on equity of 16.36% and a negative net margin of 7.61%. Tesla’s revenue for the quarter was up 119.6% on a year-over-year basis. During the same quarter last year, the business posted ($1.06) EPS. On average, analysts expect that Tesla will post ($6.18) earnings per share for the current fiscal year.

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In other news, Director Kimbal Musk sold 2,190 shares of Tesla stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $321.36, for a total transaction of $703,778.40. Following the transaction, the director now owns 160,274 shares in the company, valued at approximately $51,505,652.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 23.10% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. FMR LLC boosted its position in Tesla by 10.9% in the first quarter. FMR LLC now owns 24,450,435 shares of the electric vehicle producer’s stock worth $6,804,556,000 after buying an additional 2,400,034 shares during the period. Renaissance Technologies LLC boosted its position in Tesla by 117.7% in the first quarter. Renaissance Technologies LLC now owns 677,792 shares of the electric vehicle producer’s stock worth $188,630,000 after buying an additional 366,400 shares during the period. Baillie Gifford & Co. boosted its position in Tesla by 2.5% in the first quarter. Baillie Gifford & Co. now owns 13,625,678 shares of the electric vehicle producer’s stock worth $3,792,025,000 after buying an additional 336,130 shares during the period. Vanguard Group Inc. boosted its position in Tesla by 4.9% in the second quarter. Vanguard Group Inc. now owns 6,227,401 shares of the electric vehicle producer’s stock worth $2,251,890,000 after buying an additional 292,602 shares during the period. Finally, Jennison Associates LLC boosted its position in Tesla by 7.6% in the first quarter. Jennison Associates LLC now owns 2,869,480 shares of the electric vehicle producer’s stock worth $798,576,000 after buying an additional 203,034 shares during the period. Institutional investors own 62.92% of the company’s stock.

About Tesla

Tesla, Inc, formerly Tesla Motors, Inc, designs, develops, manufactures and sells fully electric vehicles, and energy storage systems, as well as installs, operates and maintains solar and energy storage products. The Company operates through two segments: Automotive, and Energy generation and storage.